Core Insights - The National Development and Reform Commission announced the release of 500 billion yuan in new policy financial instruments, which not only injects funds into the market but also creates strategic opportunities for market participants [1] - The new policy financial instruments exhibit three key characteristics: closer coordination between fiscal and monetary policies, clear structural arrangements for fund allocation, and an emphasis on capital attributes in financing models [1] - The "fusion" strategic approach proposed by the company emphasizes the organic combination of different elements rather than simple addition [1] Group 1: Fusion Strategy - The first aspect of the fusion strategy is the integration of financing and intelligence, where obtaining policy funding is just the first step; professional project operation and fund management capabilities are essential for effective utilization [2] - The second aspect is the integration of cycles and structures, focusing on industries like digital economy and green low-carbon sectors that align with long-term development trends [2] - The third aspect is the integration of capital and responsibility, incorporating environmental, social, and governance factors into project evaluation and implementation to ensure sustainable development and long-term returns [2] Group 2: Focus Areas - The company is particularly focused on three areas: technological innovation, emphasizing industrial internet and artificial intelligence with strong spillover effects [3] - In the green low-carbon sector, the team aims to promote a model that fosters the interaction between green asset construction and carbon financial innovation [3] - In consumption and urban renewal, the focus is on the integrated development of hardware and software to cultivate assets that generate sustainable and high-quality cash flows [3] Group 3: Future Outlook - The introduction of the 500 billion yuan policy financial instruments marks an important starting point and signifies the beginning of a new round of policy support [3] - The true value of the policy will depend on the ability of market participants to transform it into sustainable business models and actual development outcomes [3] - The company will continue to act as a bridge between policy and market, striving to seize policy opportunities while contributing to value creation in the process of China's high-quality economic development [3]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Currently, it's hard to say that the bond market has returned to fundamental pricing. Policy expectations, asset price - to - ratio, and institutional behavior are still the main influencing factors. In 2026, the influence of fundamentals on bond market pricing is expected to increase [1][22]. - After the content of the Central Economic Work Conference is clear, the bond market within the year will revolve around institutional behavior and the equity market. The bond market is expected to be mainly volatile, with a high probability of a steeper yield curve. Ultra - long bonds will still have high volatility, and it's not advisable to overly expect an end - of - year rush - to - buy market [1][22][24]. - One can moderately grasp the spread between China Development Bank bonds and Treasury bonds with a maturity of 7 years or less, as well as the term spread of 5Y - 3Y Treasury bonds [1][24]. 3. Summary by Directory 3.1 Important Event Reviews 3.1.1 Financial Data - As of the end of November 2025, the year - on - year growth rate of the stock of social financing scale was 8.5%. In the first eleven months, RMB loans increased by 15.36 trillion yuan, and the balance of M2 at the end of November increased by 8% year - on - year. In November, social financing increased year - on - year, with an increase in corporate bond financing scale. However, government bond financing and on - balance - sheet credit financing were still drag factors. RMB loans decreased year - on - year in November. In terms of structure, short - term corporate loans improved, while medium - and long - term corporate loans still decreased year - on - year, and the bill financing impulse was obvious. The household sector continued to de - leverage. The year - on - year growth rates of M1 and M2 both declined in November [7]. - Looking ahead, policy - based financial instruments are expected to boost credit, but the high base of government bond financing remains a drag. The year - on - year growth rate of the social financing stock may decline slightly, and the progress of household deposit transfer is still worthy of attention [7]. 3.1.2 Economic Data - In November 2025, the year - on - year growth rate of the added value of industries above the designated size was 4.8%, the cumulative year - on - year growth rate of fixed - asset investment was - 2.6%, and the year - on - year growth rate of total retail sales of consumer goods was 1.3%. Domestic demand continued to be weak, and effective demand still needed to be boosted. In terms of production, the year - on - year growth rate of industrial added value slowed down slightly in November. In terms of investment, the decline in the cumulative year - on - year growth rate of fixed - asset investment further expanded in November. In terms of consumption, the year - on - year growth rate of total retail sales of consumer goods slowed down in November, while the cumulative year - on - year growth rate of service consumption increased slightly [8][9]. - Looking ahead, it is expected that the "anti - involution" and a slight weakening of exports will restrict production in December. The growth rate of industrial production in 2025 is expected to be about 5.8%, the growth rate of manufacturing investment is expected to be about 2.0%, the infrastructure investment is expected to show a recovery trend with a growth rate of about 1.0% in 2025, and the growth rate of total retail sales of consumer goods in 2025 is expected to be around 3.7% [9]. 3.1.3 Fiscal Data - From January to November 2025, the national general public budget revenue increased by 0.8% year - on - year, and the expenditure increased by 1.4% year - on - year; the national government - funded budget revenue decreased by 4.9% year - on - year, and the expenditure increased by 13.7% year - on - year. In terms of public finance revenue, the year - on - year increase in tax revenue was slightly expanded. In terms of public finance expenditure, the year - on - year growth rate of expenditure declined, mainly due to the earlier expenditure rhythm this year. In terms of the expenditure structure, the three focuses of public finance expenditure from January to November were people's livelihood, science and technology, and green, and efforts were further increased in the science and technology field in November. In terms of government - funded revenue and expenditure, the revenue side was still dragged down by the land market [10]. - Looking ahead to 2026, the Central Economic Work Conference continued to describe fiscal policy as "more proactive", emphasizing the guarantee of necessary expenditures. In terms of rhythm, it will "actively act ahead" and "reasonably speed up the allocation and disbursement of funds". In terms of structure, attention can be paid to strengthening the financial guarantee for major national strategies, accelerating debt resolution, and tax system reform [10]. 3.2 Funding Prices: Central Bank's Injection of Cross - Year Funds - During the period from December 12th to December 18th, the central bank's net injection of funds in the open market was 134 billion yuan. The central bank over - renewed 200 billion yuan of 6 - month repurchase agreements and conducted 100 billion yuan of 14 - day reverse repurchase operations to support the cross - year funding situation. On December 18th, DR014 and R014 increased by 10bp and 6bp respectively, while DR001 and DR007 remained stable. The yield of inter - bank certificates of deposit declined slightly, which is in line with the seasonal characteristic of the decline in CD yields at the end of the year [11][12]. 3.3 Primary Market: Decrease in Supply Scale - From December 12th to December 18th, a total of 46 interest - rate bonds were issued in the primary market. There was no end - of - year surge in the issuance of special bonds. Since December, the issuance frequency of the China Development Bank and the Export - Import Bank of China has also decreased, and the supply pressure of interest - rate bonds is limited [14]. 3.4 Secondary Market: Steeper Yield Curve - During the period from December 12th to December 18th, the yields of Treasury bonds with different maturities showed differentiation. The yields of medium - and short - term Treasury bonds mostly declined, while the yields of ultra - long - term Treasury bonds increased slightly, showing a steeper yield curve. The decline in medium - and short - term interest rates may be related to the loose funding situation. The winning bid rate of the 14 - day reverse repurchase operation may have decreased compared with that in September, driving up the short - term bullish sentiment. The long - term interest rate has a strong gaming sentiment, with a larger single - day fluctuation range. The 10 - year Treasury bond yield has a psychological support level of 1.85%, while the 30 - year Treasury bond yield has less upward resistance and greater fluctuation [16]. 3.5 Market Outlook 3.5.1 Fundamental Aspect It's difficult to say that the bond market has returned to fundamental pricing currently. Policy expectations, asset price - to - ratio, and institutional behavior are still the main influencing factors. In 2026, the influence of fundamentals on bond market pricing is expected to increase, and price signals are the key [1][22]. 3.5.2 Policy Aspect - In 2026, fiscal policy will "actively act ahead" and "reasonably speed up the allocation and disbursement of funds", with a similar rhythm to 2025. In terms of expenditure structure, it will "strengthen the financial guarantee for major national strategies and promote more funds and resources to be invested in people", and supporting people's livelihood remains an important direction [1][22]. - Monetary policy emphasizes "striving to achieve economic growth and price recovery" and supplements the original statement of "matching the growth of social financing scale and money supply with economic growth and price level expectations". Reserve requirement ratio cuts, interest rate cuts, and liquidity injection tools of various maturities will be used flexibly [1][22]. 3.5.3 Funding Aspect As the cross - year period approaches, funding prices may rise slightly, but with the central bank's open - market operations, the possibility of a significant tightening of funds is limited [1][22].

Group 1: Fiscal Revenue Overview - In November, fiscal revenue showed a year-on-year growth of 0.0%, down from 3.2% in the previous period, primarily due to a high base effect from last year[3] - Central government revenue decreased by 4.2% year-on-year, while local government revenue increased by 4.1%[4] - Cumulative fiscal revenue for the first 11 months of the year grew by 0.8% year-on-year, marking one of the lowest levels in the past decade, only better than 2020 and 2022[3] Group 2: Tax Revenue Analysis - Tax revenue in November increased by 2.8% year-on-year, down from 8.6% previously, with corporate income tax showing a significant decline of 5.2%[4] - Personal income tax grew by 11.4% year-on-year, while domestic value-added tax (VAT) increased by 3.3%[5] - The decline in corporate income tax is attributed to an early revenue recognition effect from the previous year's fourth quarter[4] Group 3: Fiscal Expenditure Insights - General public budget expenditure in November decreased by 3.7% year-on-year, with cumulative expenditure progress at 84%, the slowest in five years[6] - Infrastructure-related expenditures, particularly in agriculture and community services, saw significant declines, with cumulative spending down by 13.6% and 8.3% respectively[6] - Technology expenditure, however, increased by 27.4% year-on-year, indicating a shift in spending priorities[6] Group 4: Broader Fiscal Context - The fiscal deficit reached 4.8 trillion yuan, with a deficit progress of 62%, largely due to reduced infrastructure spending[7] - Government fund budget revenue fell by 15.8% year-on-year, reflecting ongoing weakness in the real estate sector[7] - The upcoming fiscal policies for 2026 are expected to be crucial, with potential acceleration in spending to stimulate economic activity[8]

Summary of Key Points Core Viewpoint - The article discusses the recent trends in China's fiscal revenue and expenditure, highlighting a decline in revenue growth due to high base effects from the previous year and a slowdown in public budget expenditure, particularly in infrastructure-related spending. Group 1: Fiscal Revenue Trends - In November, fiscal revenue showed a year-on-year growth of 0.0%, down from 3.2% in the previous year, primarily due to high base effects from the same period last year [1][4] - The cumulative public budget revenue for the first 11 months of the year increased by 0.8% year-on-year, marking one of the lowest growth rates in the past decade, only better than 2020 and 2022 [1][4] - Major tax categories showed varied performance, with corporate income tax experiencing a significant decline, while personal income tax and domestic value-added tax remained strong, with personal income tax growing by 11.5% year-to-date [5][6] Group 2: Public Budget Expenditure - Public budget expenditure recorded a year-on-year decline of -9.8% in October and -3.7% in November, with cumulative expenditure progress for the first 11 months at 84%, slower than previous years [2][8] - Expenditure related to infrastructure, particularly in rural and community sectors, saw significant declines, while technology spending grew by 27.4% year-on-year in November [2][9] - The public budget revenue-expenditure gap reached 4.8 trillion yuan, with a deficit progress of 62%, influenced by the slowdown in infrastructure spending [12] Group 3: Broader Fiscal Context - Government fund budget revenue fell by 15.8% year-on-year, indicating a continued weak performance in the income side, aligning with the downturn in real estate data [15][16] - The article emphasizes the importance of observing fiscal trends in early 2026, as the first quarter will be critical for assessing the impact of policy financial tools and investment stabilization efforts [3][15]

Group 1: Social Financing and Credit - The stock growth rate of social financing remains stable at 8.5%, with new social financing of 2.49 trillion yuan in November, an increase of 159.7 billion yuan year-on-year[1] - Corporate short-term loans increased by 100 billion yuan, a year-on-year increase of 110 billion yuan, indicating a marginal improvement in corporate credit structure[3] - New corporate medium- and long-term loans increased by 170 billion yuan, a year-on-year decrease of 40 billion yuan, showing a significant reduction in decline compared to the previous month[3] Group 2: Household Credit and Economic Sentiment - Household short-term loans decreased by 215.8 billion yuan, a year-on-year decrease of 178.8 billion yuan, reflecting weak consumer demand[4] - New household medium- and long-term loans increased by only 10 billion yuan, a year-on-year decrease of 290 billion yuan, indicating a cautious sentiment in the housing market[4] - The transaction area of commercial housing in 30 major cities fell by 33.1% year-on-year, with declines across first, second, and third-tier cities[4] Group 3: Monetary Supply and Economic Outlook - M1 growth rate fell to 4.9%, a decrease of 1.3 percentage points month-on-month, influenced by market adjustments[5] - M2 growth rate decreased to 8.0%, a month-on-month decline of 0.2 percentage points, primarily due to weak credit generation[5] - Overall liquidity remains ample, but the transmission efficiency to the real economy needs improvement[5] Group 4: Risk Factors - Risks include macroeconomic performance falling short of expectations, weaker-than-expected real estate sales, unexpected U.S. tariff policies, and geopolitical risks[6]

2025 年 12 月 14 日 行业研究 从银行视角看经济工作会议 ——2025 年中央经济工作会议精神解读 银行业 买入（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 一是数量工具层面，央行或继续通过逆回购、买断式、MLF、国债买卖、降准等 多重渠道"花样放水"。现阶段央行流动性投放渠道丰富，逆回购、买断式、MLF、 国债买卖等工具涵盖多种期限与操作频次，对银行体系流动性"补水"并不局限 于降准一种方式。截至 12 月 12 日，包含逆回购、买断式、MLF、国债买卖等工 具在内的广义公开市场操作存量约 14 万亿。鉴于央行保持其"贷方地位"以维系 结构性流动性短缺框架有效性，综合考虑流动性投放的滚动频度、融资成本、基 础货币吞吐强度等因素，预计 2026 年需要央行通过二 ...

Group 1: Social Financing and Credit Growth - In November, the social financing scale increased by 24,885 billion yuan, exceeding the expected 20,191 billion yuan and significantly higher than the previous value of 8,161 billion yuan[3] - The growth of RMB loans was 3,900 billion yuan, below the expected 5,043 billion yuan and higher than the previous value of 2,200 billion yuan[3] - Corporate loans showed marginal recovery with an increase of 6,100 billion yuan, which is 3,600 billion yuan more than the same month last year[3] Group 2: Government Bonds and Fiscal Policy - Government bond financing in November reached 12,041 billion yuan, a year-on-year decrease of 1,048 billion yuan but a month-on-month increase of 7,189 billion yuan[3] - The issuance of special bonds was 4,922 billion yuan, a month-on-month increase of 2,048 billion yuan, indicating strong government support for social financing[3] - The net financing of general government bonds reached 6,108 billion yuan, reflecting a significant increase of 4,563 billion yuan month-on-month[3] Group 3: Household and Corporate Loan Trends - Household loans decreased by 2,063 billion yuan in November, a year-on-year reduction of 4,763 billion yuan, but showed improvement compared to the previous month[3] - The short-term loans for households decreased by 1,788 billion yuan year-on-year, but the consumer loan data showed marginal improvement due to seasonal factors[3] - Corporate short-term loans increased by 1,000 billion yuan, indicating a shift from negative to positive growth year-on-year[3] Group 4: Monetary Supply and Deposit Trends - M1 growth rate fell by 1.3 percentage points to 4.9%, while M2 growth rate decreased to 8%[4] - Both household and corporate deposits continued to show year-on-year declines, with reductions of 1,200 billion yuan and 947 billion yuan respectively[4] - Fiscal deposits decreased by 1,900 billion yuan year-on-year, suggesting an increase in fiscal spending beyond seasonal expectations[4]

Group 1: Financial Data Overview - In November, social financing increased by 2.49 trillion yuan, exceeding the market average expectation of 2 trillion yuan, with a year-on-year increase of 159.7 billion yuan[3] - The total social financing scale for the first eleven months of 2025 reached 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year[3] - The growth rate of social financing stock remained stable at 8.5%, unchanged from the previous month[3] Group 2: Loan and Financing Breakdown - RMB loans to the real economy increased by 14.93 trillion yuan, a year-on-year decrease of 1.28 trillion yuan[3] - Corporate loans increased by 4.05 trillion yuan, with a year-on-year decrease of 116.3 billion yuan, marking the fifth consecutive month of decline[3] - Government bond financing reached 1.2 trillion yuan in November, a year-on-year decrease of 104.8 billion yuan[4] Group 3: Market Trends and Implications - The corporate financing environment improved, as indicated by the BCI index rising to 52.50 in November from 52.41 in October[4] - The demand for residential loans remains weak, with short-term loans decreasing by 178.8 billion yuan and long-term loans decreasing by 290 billion yuan[3] - Policy-driven financial tools are beginning to show effects, particularly in infrastructure investment, which may influence corporate financing demand in the upcoming quarters[6]

Core Viewpoint - The financial data for November indicates a notable improvement in corporate financing demand, with the initial effects of policy financial tools becoming evident. However, the residential sector remains a significant shortcoming, primarily due to the ongoing adjustments in the real estate market [4][11]. Group 1: Social Financing and Credit - In November, social financing increased by 2.49 trillion yuan, exceeding market expectations of 2 trillion yuan, with a year-on-year increase of 159.7 billion yuan. The stock growth rate of social financing remained stable at 8.5% [1][5]. - The increase in real credit was 405.3 billion yuan, showing a year-on-year decrease of 116.3 billion yuan, marking the fifth consecutive month of decline. The decline was primarily driven by a reduction in residential loans [6][7]. - Corporate loans remained strong, aligning with the high BCI corporate financing environment index for November, indicating a shift in bank assessments towards corporate sectors due to weak residential loan demand [2][7]. Group 2: Government and Corporate Bonds - Government bond financing amounted to 1.2 trillion yuan, a year-on-year decrease of 104.8 billion yuan, with expectations for December financing to remain around 1.2 trillion yuan [8]. - Corporate bond financing increased by 416.9 billion yuan, a year-on-year increase of 178.8 billion yuan, driven by policy encouragement for technology finance and lower financing costs [8][9]. Group 3: Trust and Other Financing Instruments - The amount of undiscounted bank acceptance bills increased by 149 billion yuan, reflecting a significant expansion in bank bill issuance, likely influenced by lower interest rates [9]. - Trust loans increased by 84.4 billion yuan, a year-on-year increase of 75.3 billion yuan, partly due to the spillover effects of policy financial tools on infrastructure financing [9]. Group 4: Monetary Supply and Growth Rates - M1 grew by 4.9% year-on-year, a decline of 1.3 percentage points from the previous month, indicating a continued downward trend following a peak in September [10]. - M2 growth was recorded at 8.0%, a decrease of 0.2 percentage points, primarily due to reduced credit generation [10]. Group 5: Future Outlook - The main highlight of the November financial data is the improvement in corporate financing demand, with a need to monitor the impact of policy financial tools in the upcoming quarters, especially in the construction sector [4][11].

受外部环境复杂严峻、投资收益下降等因素影响，今年前10个月，全国固定资产投资同比下降1.7%。 与此同时，我国投资结构优化，高技术行业投资较快增长。 【大河财立方 记者 孙凯杰】12月10日至11日，中央经济工作会议在北京举行，分析当前经济形势，部 署2026年经济工作。今年会议多次提及"内需"：要持续扩大内需、优化供给；引导金融机构加力支持扩 大内需；坚持内需主导，建设强大国内市场。 东吴证券首席经济学家、研究所联席所长芦哲在接受大河财立方记者采访时表示，消费仍然是放在扩大 内需的第一位，但会议对"两新"（设备更新和以旧换新）政策表述发生了重大变化，从去年的"加力扩 围"改为了今年的"优化"，政策从单纯的"资金加码"转变为"提高效率"。今年下半年以来，汽车家电等 品类出现了一定透支，他认为，明年如果部分品类补贴退坡，全年国补资金未必有今年多。 今年会议还创新性地提出了"制定实施城乡居民增收计划"。芦哲认为，2024年会议中提到的"推动中低 收入群体增收减负、适当提高退休人员基本养老金、提高城乡居民基础养老金"等措施，是"安全垫"式 的增收政策，更注重中低收入者、养老、医疗等基础保障；而今年提出制定"增收计划 ...